The average 30-year fixed-rate mortgage fell eight basis points from the week prior to 2.9%, according to data released Thursday by Freddie Mac‘s PMMS.

According to Sam Khater, Freddie Mac’s chief economist, last week’s dip followed the concurrent drop in U.S. Treasury yields earlier this week.

“While mortgage rates tend to follow Treasury yields closely, other factors can be impactful such as the labor markets, which are continuing to improve per last week’s jobs report,” said Khater. “We expect economic growth to gradually drive interest rates higher, but homebuyers and refinance borrowers still have an opportunity to take advantage details ⇒

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